KUALA LUMPUR (Jan 20): Public Bank Bhd is issuing up to 100 million European style non-collateralised cash settled put warrants at an issue price of 15 sen, on the basis of 30 put warrants for one Public Bank share.

The listing of the put warrants is scheduled to be Jan 21, 2021 and the expiry date is set to be Nov 30, 2021. It has set an exercise price of RM18, according to a filing with Bursa Malaysia.

It is expected to raise total gross proceeds of up to RM15 million from the offer and intends to use the bulk from the proceeds or RM14.8 million for working capital during the tenure of the put warrants, including for costs relating to risk management, such as hedging and its associated costs.

Meanwhile, the balance of RM200,000 will be used to defray estimated expenses incurred by the exercise, which include professional fees, fees to authorities, selling fees, printing costs and miscellaneous costs.

Share price of Public Bank rose 62 sen or 2.97% to RM21.52 at noon break, after 3.06 million shares were traded, giving it a market capitalisation of RM83.54 billion.

Year-to-date, the stock has gained 5% from RM20.52.